Artificial Intelligence
Healthcare Biometrics Market Size to Surpass Around USD 79 Bn by 2030
Ottawa, July 14, 2022 (GLOBE NEWSWIRE) — The global healthcare biometrics market size was estimated at 29.44 billion in 2022. The North American market records the highest growth due to the increasing number of fraud cases and crimes in the health care system. With the increase in the occurrence of fraud the need for high security surveillance systems arises and hence the adoption of healthcare biometrics comes into play. With the introduction of modern health care facilities such as hospitals and clinics, modernization of the system is also essential. Further, the European nations from the second largest market for the healthcare biometrics as a result of the active government support to the system in order to provide excellent facilities to the patients.
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The Asia Pacific region is forecasted to grow at the fastest rate as a result of the new government policies which have been introduced in order to modernize the health care system. Latin America and the Middle Eastern region are the other growing markets for the healthcare biometrics system that are emerging as big market players.
Key Takeaways:
- North America has contributed highest market share of over 41% in 2021
- Europe region has contributed market share of over 34% in 2021
- By end users, the hospitals segment is anticipated to reach at a CAGR of 6.5% from 2022 to 2030
- Multi factor authentication segment is expected to grow at a CAGR of 7.1% from 2022 to 2030
- The healthcare institution segment is anticipated to reach at a CAGR of 17.4% from 2022 to 2030
Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 26.02 Billion |
| Revenue Forecast by 2030 | USD 79 Billion |
| CAGR | 18.1% from 2022 to 2030 |
| Largest Market | North America |
| Base Year | 2021 |
| Forecast Year | 2022 to 2030 |
| Key Players | Bio-Key International, DigitalPersona, 3M Cogent, NEC Corporation, Suprema, Siemens AG., M2SYS LLC, Cross Match Technologies |
Report Highlights
- On the basis of technology, the fingerprint identification system has dominated the segment as a result of its rapid use in the health care as well as the other systems. It is the most commonly seen security scanner in the leading multinational companies and big hospitals which have adopted advanced technologies to provide a better service to the consumers.
- On the basis of end user, the hospitals from the largest market for the healthcare biometrics as the requirement of a better security system is important in order to protect the patient data and hospital information which is highly confidential.
- On the basis of region, the North American market has shown the largest revenue return as a result of its Rapid adoption of advanced technologies in order to provide the best service to the people. The huge number of healthcare facilities that are offered to the people attracts a huge crowd to the health care centers. Hence the requirement off an advanced security system rises, which is readily fulfilled by the healthcare biometric system.
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Market dynamics
Drivers
The active support which is provided by the government to the health care system has encouraged the use of modern technologies in order to provide an excellent service to the population and in turn obtain a better revenue return from the market. After the occurrence of the pandemic the number of fraud cases seen in the healthcare system has increased immensely which needs to be controlled with the help of modern technology. The problem of fraud patient identity was on a rise due to the huge number of patients that turned to the hospital as a result of mass infection, hence the need for sorting out the required individual out of the crowd became extremely important. The use of healthcare biometrics helps to perform the needful by restricting the patient that a leak and other fraud cases. Theft of medical identity has also increased to a great extent which proves to be a driving factor for the growth of the market during the forecast period. These multiple reasons prove to be the driving forces for the growth of the market during the forecast period.
Restraints
The cost of the healthcare biometric system is considerably high which imposes an additional investment on the management of the hospitals and clinics. As a result of this, a higher cost of treatment is imposed on the patients which makes the entire healthcare system very costly. This proves to be a restraining factor for the growth of the market. Multiple issues are faced while using a biometric scanner which are difficult to rectify by the human operator. Errors while presenting the individual information to the system leads to an error in the final result, and creating a discomfort for the user. A physical disability of the user proves to be of barrier for the artificial intelligence of the health care biometric system which creates difficulties for the consumer. Since these systems make use of electrical energy, constant power outages in the developing nations prove to be a restraining factor for the market. These multiple reasons prove to be the restraining factors for the growth of the market.
Opportunities
The adoption of a contactless biometric system proves to be a great opportunity for the growth of the market. Technologies such as face recognition and retina scan are adopted by the big companies and hospitals in order to modernize their system and provide the best possible security to patient data and hospital information. The developing countries are readily accepting the use of the biometric system in order to match with the advanced facilities provided by the developed nations. This proves to be an opportunity for the healthcare biometric system for expanding its limits globally. These multiple reasons proved to be great opportunities for the market growth.
Challenges
The biometric data and information that has been recorded into the system needs to be protected too in order to have a secured security system. Frauds in the field of information technology lead to the hacking of digital information from the system which proves to be a threat to the biometric medical identification data. Loss of such important information will prove to be a great threat to the society. Supply of constant electric power to the biometric system becomes a challenging factor for the developing economies as the problems of constant power outages are still faced by them. These factors prove to be the challenges posed in front of the market.
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Recent Developments
In April 2016, a Biostation L2 was launched by Suprema limited in order to develop access control system and attendance solution which will record the time as well with the help of a fingerprint scanner. It provides higher security facilities to the health care system at affordable prices and helps to protect patient information and hospital data.
In February 2016, Herta security entered into a collaboration with ZKTeco to update ZKBioAccess with face detection security system developed by Herta. This collaboration was done in order to benefit both the companies and boost their performance.
Market Segmentation
By Technology
- Single-factor Authentication, by Technology
- Face Recognition
- Fingerprint Recognition
- Iris Recognition
- Vein Recognition
- Palm Geometry Recognition
- Behavioral Recognition
- Signature Recognition
- Voice Recognition
- Other Behavioral Recognition
- Other authentication technologies [DNA analysis, retina analysis, ECG/EEG analysis])
- Single-factor Authentication, by Type
- Contact Biometrics
- Non-contact Biometrics
- Multi-factor Authentication, by Type
- Multimodal Authentication, by Type
- Two-factor Biometrics
- Three-factor Biometrics
By Application
- Logical Access Control
- Physical Access Control
- Transaction Authentication
By End User
- Hospitals & Clinics
- Respiratory Distress Syndrome
- Healthcare Institutions
- Research & Clinical Laboratories
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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Artificial Intelligence
Simplilearn and Degreed Collaborate to Transform Workforce Development with AI-Enhanced Learning
SAN FRANCISCO, Oct. 2, 2024 /PRNewswire/ — Simplilearn, the world’s leading digital skills training provider, and Degreed, the innovative learning platform, today announced their strategic partnership to offer premier educational content and platform solutions that drive skills-based learning. This collaboration introduces Simplilearn as one of the first to join Degreed’s AI-Ready partner category, integrating Simplilearn’s extensive educational offerings with Degreed’s advanced learning solutions to deliver transformative learning experiences for individuals and enterprises.
Simplilearn has been at the forefront of digital skills training for over a decade, supporting professionals and organizations worldwide with holistic learning experiences that are instructor-led and hands-on. Their comprehensive range of high-quality courses in artificial intelligence, machine learning, cloud computing, data science, and digital marketing is now seamlessly integrated into the Degreed platform. This AI-powered integration equips Learning & Development (L&D) professionals with a more targeted curation experience, simplifying the creation of personalized learning plans and development pathways tailored to the evolving needs of their teams and organizations.
As technology rapidly transforms industries and reshapes job roles, the demand for advanced, practical training is at an all-time high. Degreed’s ‘AI-Ready’ partner category makes it easier for customers to discover, organize, and access relevant learning materials. Through this partnership, a comprehensive suite of courses and resources is more easily discoverable, empowering individuals and organizations to upskill and stay competitive in the fast-evolving tech landscape.
Leveraging AI, the platform will offer personalized course recommendations based on each learner’s background and experience. This intelligent approach ensures that training is relevant and aligned with individual career goals and organizational needs. Additionally, the collaboration offers access to over 700 live classes each month, keeping teams updated with the latest industry trends and technological advancements. Complementing these live sessions are more than 500 courses and role-based learning paths covering essential areas such as AI, cybersecurity, data science, and machine learning.
Mr. Krishna Kumar, Founder and CEO, Simplilearn, said, “Partnering with Degreed represents a pivotal moment in our journey at Simplilearn. This collaboration underscores our commitment to harnessing cutting-edge technology and tailored learning experiences. By integrating Degreed’s advanced AI capabilities with our industry-leading programs, we are poised to redefine how individuals and organizations approach skill development, ensuring a more agile and role-ready workforce.”
Mr. Max Wessel, co-CEO of Degreed, said, “Our partnership with Simplilearn shows our dedication to equipping professionals with the most relevant skills for today’s fast-paced technology landscape. By using AI to power the integration of Simplilearn’s top-tier courses into Degreed, we enhance our ability to offer personalized, precise, and high-impact learning experiences – helping organizations turn the talent they have into the talent they need.”
About Degreed:
Degreed is the enterprise learning company, offering the world’s leading experience platform to drive skill driven development. Degreed enables organizations to collect, understand, and build skills to develop a workforce that’s ready for anything. To learn more about Degreed, visit www.degreed.com.
About Simplilearn:
Founded in 2010 and based in San Francisco, California, and Bangalore, India, Simplilearn, a Blackstone portfolio company, is the world’s leading digital skills provider, enabling learners across the globe. Simplilearn offers access to world-class work-ready training to individuals and businesses worldwide. Simplilearn offers 1,500+ live classes each month across 150+ countries, impacting over 8 million learners globally. The programs are designed and delivered with world-renowned universities, top corporations, and leading industry bodies via live online classes featuring top industry practitioners, sought-after trainers, and global leaders. From college students and early career professionals to managers, executives, small businesses, and big corporations, Simplilearn’s role-based, skill-focused, industry-recognized, and globally relevant training programs are ideal upskilling solutions for diverse career or business goals.
For more information, please visit www.simplilearn.com/
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Artificial Intelligence
Multinational Auto Manufacturer to Insource Service Operations with 3CLogic’s Integrated AI and Contact Center Solution for ServiceNow CSM and ITSM
Leading conglomerate selects 3CLogic’s CCaaS offering, purpose-built for ServiceNow CSM and ITSM, as it insources service desk operations to streamline workflows and save millions in operating costs.
ROCKVILLE, Md., Oct. 2, 2024 /PRNewswire/ — 3CLogic, the leading AI and cloud contact center solution for ServiceNow®, today announced the integration of its AI and CCaaS capabilities by a leading auto manufacturer as it seeks to optimize its service desk operations. Leveraging the company’s existing investment in ServiceNow IT Service Management (ITSM) and Customer Service Management (CSM), the collaboration is expected to enhance productivity, improve issue resolution, and significantly reduce operating expenses.
Manufacturing tens of millions of vehicles and equipment annually, supported by a vast network of over 150,000 associates and affiliates, the organization faced challenges due to the limited insights and services provided by its outsourced contact center. Among the most impactful was the lack of integration to its back-office ServiceNow IT and Customer workflows, where the siloed structure negatively impacted the organization’s visibility into performance, process improvements, and service speed.
“We are delighted to support this strategic initiative,” explains Denis Seynhaeve, CEO at 3CLogic. “This is yet another example of a large enterprise organization eager to reclaim ownership of its internal and external support services to enable better experiences through automation, simplification of its technology stack, and tactical use of AI for better insights.”
3CLogic’s integrated AI and contact center solution with ServiceNow CSM and ITSM will deliver a number of capabilities, including AI-powered call transcription and sentiment analysis, automated agent performance and coaching, after-hours voicemail transcription, integrated SMS alerts & notifications, and consolidated reporting with ServiceNow’s native performance analytics. The insourcing of services and process efficiencies are expected to generate approximately $2.6 million in ROI within the first three years of deployment. In addition, the organization is exploring the consolidation of its HR service delivery to unify its operations further.
As the first and only ServiceNow-certified Advanced Platform CCaaS partner, 3CLogic displays a unique approach to streamlined employee and customer workflows for ServiceNow and is expected to discuss its latest AI and contact center capabilities for ServiceNow ITSM, CSM, HRSD, and source-to-pay at the upcoming World Forums in Dallas, TX, on October 8th, 2024, in Munich, Germany, on October 23rd, 2024, and in New York City, NY, on November 7th, 2024.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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Artificial Intelligence
Life Science Analytics Market to Hit USD 61.94 Billion by 2029 with 11.7% CAGR | MarketsandMarkets™
DELRAY BEACH, Fla., Oct. 2, 2024 /PRNewswire/ — The global life science analytics market is projected to grow from USD 35.69 billion in 2024 to USD 61.94 billion by 2029, at a robust CAGR of 11.7%. Key drivers include advancements in analytical technologies that streamline data management and enhance insights from diverse sources like clinical trials and electronic health records, alongside rising demands for precision medicine. However, challenges such as data privacy concerns and a shortage of skilled professionals hinder progress. Noteworthy collaborations, like those between TetraScience and Databricks, exemplify the trend towards leveraging AI for improved outcomes in drug development and clinical trials. North America leads the market, fueled by high healthcare expenditure and a focus on innovation, while descriptive analytics currently dominates the market segments. Overall, the life science analytics landscape is evolving rapidly, presenting both opportunities and challenges that stakeholders must navigate to enhance research and operational efficiencies.
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Browse in-depth TOC on “Life Science Analytics Market”
455 – Tables54 – Figures385 – Pages
Artificial Intelligence (AI) and Machine Learning (ML) are revolutionizing life science analytics by enabling advanced data analysis, pattern recognition, and predictive modeling, which are crucial for enhancing drug discovery, clinical trials, and personalized medicine. Companies are investing in leveraging AI & ML across their product lifecycles. In February 2024, Trinity Life Sciences launched Brand Insights AI, a new tool designed to enhance biopharmaceutical brand research by ingesting data from various sources, accelerating analysis, and revealing hidden patterns. This powerful tool leverages Trinity’s AI expertise to refine insights and optimize the use of existing information, supporting impactful and efficient research across the pharmaceutical commercialization spectrum.
The global life science analytics market is segmented into descriptive, prescriptive, and predictive analytics, by type. The prescriptive analytics segmented is expected to register highest growth during the forecast period. The high growth of this market is. driven by its ability to offer actionable recommendations, optimize decision-making, and streamline complex processes such as clinical trial management and personalized medicine. Its advanced predictive capabilities help stakeholders minimize risks, enhance treatment outcomes, and improve operational efficiency. Additionally, the excrubating demand for precision medicine and real-time data-driven strategies further fuels its adoption.
The life science analytics market is divided into services, and software, by component. In 2023, the largest share of life science analytics market belonged to the services segment. The high adoption of life science analytics services over software is driven by the need for specialized expertise and tailored solutions that go beyond the capabilities of standalone software. Increased security, improved cost effectiveness, better usability & flexibility, and improved integration capabilities of services are a few factors impacting market growth. Moreover, the escalating user base and changing needs of companies looking for all-inclusive solutions and support, coupled with the adoption of life science analytics software, generate demand for a range of services, including modification, implementation, and consulting.
The surging adoption of advanced analytics in commercial operations within the life sciences sector is revolutionizing how companies cultivate market strategies & enhance business performance to optimize product launches by providing insights into market trends, competitive landscapes, and customer preferences. Companies are leveraging various organic & inorganic strategies to expand their offerings in commercial operations. For instance, in April 2024, IQVIA and Salesforce expanded their global strategic partnership to accelerate the development of Salesforce’s Life Sciences Cloud, a next-generation customer engagement platform. This collaboration will combine IQVIA’s Orchestrated Customer Engagement (OCE) platform with Salesforce’s CRM, offering an end-to-end solution for transforming healthcare professional and patient engagement in the life sciences industry.
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The prominent players operating in the Life science analytics market include Oracle (US), Merative (formerly IBM) (US), SAS Institute (US), Accenture (Ireland), IQVIA (US), Cognizant (US), Wipro (India), Veradigm (US), Optum (US), Microsoft (US), MaxisIT (US), ExlService Holdings (US), Inovalon (US), CitiusTech (US), Saama (US), Axtria (US), Clarivate (UK), ThoughtSphere (US), ThoughtSpot (US), Salesforce (US), Google LLC (US), Amazon Web Services, Inc. (US), Veeva Systems (US), Elsevier (Netherlands), and Komodo Health, Inc. (US). These companies adopted strategies such as product launches, product updates, expansions, partnerships, collaborations, mergers and acquisitions to strengthen their market presence in the life science analytics market.
These players not only have a comprehensive and diverse product portfolio but also a strong geographic presence. Owing to the emergence of new application areas for life science analytics, these players can focus on technologies and offerings dedicated towards research & development, commercial operations, safety, etc.
These market players have offered a diverse range of products and services and have operations worldwide. They rely on technological advancements to avail themselves of innovative products and services and increase their global footprint. These players focus on acquisitions, collaborations, agreements, mergers, product launches & updates, partnerships, expansions, and other recent developments to expand their global reach and develop advanced life science analytics solutions.
Oracle (US) is one of the leading life science analytics companies across the globe. The company provides analytics software & services for various applications including research & development, commercialization, among others. The company focuses on continuously updating its products and meeting customer expectations. Oracle also continuously invests in expanding its solutions by partnerships & collaborations to provide tailored solutions to its end users. For instance, in February 2024, Oracle partnered with ObvioHealth, Inc. to integrate diverse data in decentralized clinical trials and analyze health data from several sources for clinical trials anywhere globally. The company holds a broad customer base and a wide geographic presence, making Oracle as a critical player in various IT software, hardware, and service-related markets, including the life science analytics market.
Merative (US) is one of the prominent players operating in the life science analytics market. Merative offers a comprehensive suite of informatics products and services for life science analytics. The company leverages advanced technologies such as artificial intelligence (AI), machine learning (ML), and other technologies to strengthen the accuracy and efficiency of evidence analysis. The company has a strong brand recognition and extensive product portfolio that has contributed to its success. The company serves life science systems, clinical trial sponsors, and medical device manufacturing industries. The company has established offices across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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